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Held in between their two title bouts, The Fight of the Century in 1971 and The Thrilla in Manila in 1975, this second fight was scheduled for twelve rounds. It was considered by many fans and experts to be the least significant and interesting fight of their rivalry. One columnist described it as a contest between two "former champions, both beaten, both past their best".[2] Nonetheless, Ali wanted to avenge his loss to Frazier in their first fight, and a world title try at Heavyweight champion George Foreman, who had dethroned Frazier, was at stake. Their first and third fights became part of boxing's lore, but some viewers considered the second fight to be entertaining as well.

Before their rematch, Ali and Frazier visited the ABC studios in New York City to review their first fight for ABC's Wide World of Sports. While both fighters were reviewing round 11, Ali began trash talking and calling Frazier "ignorant" for mentioning the hospital as Frazier spent a month in the hospital after the first fight. This enraged Frazier who stood up from his seat and squared up to a seated Ali, repeating, "Why you call me ignorant? How am I ignorant?" While Frazier was not looking at Ali as the studio crew and his entourage tried to calm him down, Ali held Frazier by the neck forcing him to sit down which broke out into a fight on the studio floor. Both fighters were subsequently fined for this and the stage was set for their rematch in the ring.

The official verdict was disputed in some quarters; Red Smith of the New York Times scored the bout 6-5-1 for Frazier.[2] At the end of round two, Frazier, a notoriously slow starter in fights, was hurt by an Ali right hand and was in significant trouble. Referee Tony Perez stepped in between the two fighters having mistakenly thought he heard the bell. The interruption allowed Frazier precious seconds to recover and he was able to finish the round on his feet when the action resumed. Ali employed markedly different tactics from the first fight. He didn't allow Frazier to work inside tying up the shorter fighter by holding him behind the neck with his left hand while keeping Frazier's vaunted left tied up with the other. This pattern of Ali punching in flurries followed by clinching dominated most of the fight. Before the epic battle between the two men in Manila a year later, Frazier's camp strongly protested use of this tactic but, for most part Ali got away with it again. The result was a classic battle of wills in what is considered an all time great heavyweight championship fight.